Early-stage VC firm, Orange Ventures, has announced the launch of its Seed Challenge, which will see the VC firm grant $570k in capital to one Egyptian fintech startup. This comes less than a month after the VC launched its Orange Digital Centre in Cairo, Egypt.
Applications are invited from seed-stage fintech, mainly operating in Egypt, who have not raised more than $1.14m in total equity funding.
The seed challenge will further provide the successful startup access to the Orange Group’s experience and the opportunity, connecting it with the Orange Group’s many sales divisions and 262 million customers spread across 26 countries to the companies in which it invests.
The startup will have the opportunity to join the Orange Digital Centre for six months, where they will have access to workspace and mentoring programs, as well as the opportunity to present to Orange Egypt’s executive committee and discuss cooperation options.
Orange Ventures is the Orange Group’s corporate venture capital arm, the firm focuses on investing in creative entrepreneurs in Orange’s strategic fields of interest, which are mostly in Europe, the Middle East, and Africa.
Applications are open here until February 15.